Chemring Group PLC FULL YEAR RESULTS -9-
22 1월 2015 - 4:00PM
UK Regulatory
3. ANALYSIS OF UNDERLYING OPERATING PROFIT AND PROFIT BEFORE TAX
2014 2013
Continuing Discontinued Total Continuing Discontinued Total
GBPm GBPm GBPm GBPm GBPm GBPm
Countermeasures 9.7 - 9.7 13.2 - 13.2
Sensors & Electronics 31.9 - 31.9 44.7 - 44.7
Energetic Systems 15.0 - 15.0 8.5 - 8.5
Discontinued operations - 2.3 2.3 - 15.8 15.8
56.6 2.3 58.9 66.4 15.8 82.2
Unallocated corporate
costs (9.9) - (9.9) (10.1) - (10.1)
----------- ------------- ------- ----------- ------------- ------------
Underlying operating
profit 46.7 2.3 49.0 56.3 15.8 72.1
Net finance expense (18.6) (0.1) (18.7) (19.8) (0.7) (20.5)
----------- ------------- ------- ----------- ------------- ------------
Underlying profit
before tax 28.1 2.2 30.3 36.5 15.1 51.6
----------- ------------- ------- ----------- ------------- ------------
4. RECONCILIATION OF TOTAL OPERATING PROFIT/(LOSS) TO UNDERLYING
OPERATING PROFIT
Underlying measures are used by the Board to monitor the
underlying performance of the Group. Underlying measures are stated
before costs relating to acquisitions and disposals, business
restructuring and incident costs, profit/loss on disposal of
businesses, items deemed to be of an exceptional nature, impairment
of goodwill and acquired intangibles, impairment of assets held for
sale, amortisation of acquired intangibles and gains/losses on the
movement in the fair value of derivative financial instruments.
Set out below is a reconciliation of total operating
profit/(loss) from continuing operations to underlying operating
profit from continuing operations:
2014 2013
GBPm GBPm
Total operating profit/(loss) from continuing
operations 25.4 (46.7)
Add back:
Acquisition and disposal related costs 0.6 2.6
Business restructuring and incident costs 7.2 11.7
Impairment of goodwill - 50.9
Impairment of acquired intangibles - 15.7
Impairment of assets held for sale - 8.8
Profit on disposal (0.5) -
Intangible amortisation arising from business
combinations 13.5 13.4
Loss/(gain) on the movement in the fair value
of derivative financial instruments 0.5 (0.1)
------ --------
Underlying operating profit from continuing
operations 46.7 56.3
------ --------
Further details on the non-underlying items are provided earlier
in this announcement.
5. EARNINGS PER SHARE
Earnings per share are based on the average number of shares in
issue, excluding own shares held, of 193,296,666 (2013:
193,292,820) and the loss on continuing operations after tax of
GBP1.4 million (2013: GBP55.6 million). Diluted earnings per share
has been calculated using a diluted average number of shares in
issue, excluding own shares held, of 193,296,666 (2013:
193,292,820) and the loss on continuing operations after tax of
GBP1.4 million (2013: GBP55.6 million). No dilution has been
recognised for the purposes of basic earnings per share due to
there being a loss per share for both the years ended 31 October
2014 and 31 October 2013. Dilution has, however, been recognised in
the calculation of underlying earnings per share for the years
ended 31 October 2014 and 31 October 2013, using a diluted average
number of shares in issue, excluding own shares held, of
197,285,824 (2013: 196,854,505).
The earnings and number of shares used in the calculations are
as follows:
2014 2013
Ordinary Earnings Ordinary Earnings
shares per shares per
Loss Number share Loss Number share
GBPm 000s Pence GBPm 000s Pence
Basic - continuing operations (1.4) 193,297 (0.7) (55.6) 193,293 (28.8)
Additional shares issuable
other than at fair value
in respect of options
outstanding - - - - - -
------------ --------- --------- ------------ --------- ----------
Diluted - continuing operations (1.4) 193,297 (0.7) (55.6) 193,293 (28.8)
------------ --------- --------- ------------ --------- ----------
The number of shares in issue differs from the number held by
third parties due to the fact that the Company holds some of its
shares in treasury.
Reconciliation from basic earnings per share to underlying
earnings per share
Underlying basic earnings are defined as earnings before
acquisition and disposal related costs, business restructuring and
incident costs, profit/loss on disposal of business, items deemed
to be of an exceptional nature, impairment of goodwill and acquired
intangibles, impairment of assets held for sale, intangible
amortisation arising from business combinations and gains/losses on
the movement in the fair value of derivative financial instruments.
The directors consider this measure of earnings allows a more
meaningful comparison of earnings trends.
2014 2013
Ordinary Earnings Ordinary Earnings
(Loss)/ shares per (Loss)/ shares per
profit Number share profit Number share
GBPm 000s Pence GBPm 000s Pence
Basic (1.4) 193,297 (0.7) (55.6) 193,293 (28.8)
Non-underlying items 23.8 - 12.3 85.6 - 44.3
--------- --------- --------- --------- ------------- ---------
Underlying 22.4 193,297 11.6 30.0 193,293 15.5
--------- --------- --------- --------- ------------- ---------
6. CASH GENERATED FROM UNDERLYING OPERATIONS
2014 2013
GBPm GBPm
Operating profit/(loss) from continuing operations 25.4 (46.7)
Operating (loss)/profit from discontinued operations (53.6) 9.8
-------- -------------
(28.2) (36.9)
Impairment of goodwill 45.9 50.9
Impairment of acquired intangibles 10.7 15.7
Impairment of assets held for sale 13.6 8.8
Amortisation of development costs 6.5 5.5
Intangible amortisation arising from business
combinations 16.1 18.8
Amortisation of patents and licences 0.2 0.4
(Profit)/loss on disposal of non-current assets (0.2) 2.2
Depreciation of property, plant and equipment 17.0 20.1
Loss/(gain) on fair value movements of derivative
financial instruments 0.7 (0.1)
Share-based payment expense 1.2 0.9
Employer contributions to retirement benefit
obligations (8.2) (1.0)
Difference between pension contributions paid
and amount recognised in income statement - (0.3)
-------- -------------
Operating cash flows before movements in working
capital 75.3 85.0
Decrease in inventories 2.3 0.1
Decrease/(increase) in trade and other receivables 24.0 (15.9)
Decrease in trade and other payables (26.8) (21.0)
(Decrease)/increase in provisions (1.5) 5.5
-------- -------------
73.3 53.7
Add back non-underlying items:
Chemring (LSE:CHG)
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부터 6월(6) 2024 으로 7월(7) 2024
Chemring (LSE:CHG)
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부터 7월(7) 2023 으로 7월(7) 2024
